Now that Jack Dorsey is stepping down as CEO of Twitter and moving into the role of Executive Chairman, he’s making some changes to his time at the company too. He’s been talking about his vision for his “next phase” of work and spending time on a new initiative, but until now, he hasn’t revealed much. It appears that he’s planning on getting involved in the decentralized finance (DeFi) space. In a new interview with CNBC, he said: “I’m going to be focused on taking our understanding of money, which I think is really important, and applying it to the future of finance.”
Jack Dorsey’s recent tweet announcing his new project, “TBD”, has left many in the cryptocurrency community confused, as he has not mentioned what it is yet. Some think that it is a new cryptocurrency project, as Dorsey is a strong advocate of Bitcoin and other cryptocurrencies. Others think that it is a new payment system, given his past experience in developing mobile wallet services, Medium, and other ventures. A few think that it is a new cryptocurrency, but they have no idea what it is.
In the past, Twitter and Square CEO Jack Dorsey has said that if Twitter didn’t need him, he would focus entirely on developing bitcoin-related solutions.
Bitcoin changes everything. I don’t think there’s anything more important in my life than what I work for….. If I didn’t work at Square or Twitter, I’d be working on Bitcoin.
While Dorsey remains prominent in each company, he recently announced several new initiatives that combine his passions, as Square plans to develop not only a hardware bitcoin wallet, but also an open platform for developers called TBD.
Dorsey announces TBD
It is not yet known whether this project will be called this or another acronym involving bitcoin. The goal is clearly to facilitate the establishment of decentralized, fiduciary unlicensed financial services, with an emphasis on bitcoin.
The founding team of this project consists of the following people.
Dorsey states that TBD is positioning itself as a platform company and that TBD’s development and roadmap will be open. While no specific business goals have been set yet, Dorsey points out that there are already a number of promising ideas in the pipeline.
The Lightning network doesn’t seem to be on his list of ideas, as Square Crypto (a company funded by Square itself) is already actively working on the Lightning Development Kit (LDK). Time will tell what DGT will do with it and what problems it will address.
As if the news about the above project wasn’t promising enough, Square also recently announced that it is actively developing a new hardware wallet for Bitcoin.
Secure and user-friendly storage solutions are needed to promote the widespread adoption of bitcoin. Hardware portfolios, despite their security, often have to compromise on usability to achieve this goal. As a result, hardware wallets can indeed be intimidating to the uninitiated, even if they seem simple to use for cryptocurrency connoisseurs.
The purpose of the square wallet is to help people help themselves. This means that users will still have full control over their private keys, but will benefit from simplified configuration processes. As development is still in its early stages, there are few details about how Square plans to achieve this.
Although Dorsey announced each of the above initiatives via Twitter, it is reasonable to expect that more details will be revealed at an upcoming bitcoin conference known as The B Word.
The event is especially anticipated because Dorsey will participate in a discussion about bitcoin with none other than Elon Musk.
The B-Word event takes place on July 21 and aims to demystify and de-stigmatize the various narratives about bitcoin.
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